News

Dear Valued Member:

When I wrote to you several months ago, I offered you tips on how to deal with inflation. Since then, inflation continues to impact all of us. Higher costs are posing new challenges for consumers. But while media may focus on the bad news, today I am sharing good news with you as the First Harvest family continues to grow based on the value of our products and services. We thank you for choosing to borrow and save with First Harvest.

As we close out the third quarter, your credit union continues to thrive, attracting new members throughout the first nine months of 2022. Many of these new members joined thanks to current members like you who share your stories about First Harvest’s great rates and world-class service.

Together, we are the largest credit union in Southern New Jersey. You can be proud to be a member-owner of one of the longest-serving financial institutions in the greatest nation in the world. For over 82 years, First Harvest has been serving members of over 700 Select Employer Groups and over 9 communities. Your credit union has survived dozens of economic cycles, wars, and natural disasters.

We have built a very strong capital buffer that will keep our credit union safe and sound. First Harvest continues to be above the federal regulatory level required to be considered “Well Capitalized.”

Deposits at First Harvest are federally insured up to $250,000 per member, plus an additional $250,000 of insurance that your credit union purchases for your protection. Your principal is guaranteed, and your earnings are growing. As long as the Federal Reserve continues to raise interest rates, First Harvest plans to keep raising your dividend rates to help you do better financially.

At the same time, we understand you may not be able to put off major purchases in your life. The good news is you don’t have to postpone those purchases, because at First Harvest, we are keeping loan rates competitive.

You will likely find that financing a purchase now is less expensive than waiting until next year. That’s because both purchasing and borrowing costs are rising. For example, if a car is going to cost you $30,000 today, that same car might cost $33,000 next year. While you could get a First Harvest auto loan at a rate of 4.74% today, loan rates will be higher in 2023 if the Federal Reserve continues its policy of steep interest rate hikes every month.

So, if you are considering any major purchase, consider financing now before the price and interest rates rise even further. You may qualify for a First Harvest personal loan at 9.74% to finance anything you need.

We are proud to serve you and serve the communities where our members live and work. True to the credit union philosophy of “People Helping People,” First Harvest has already donated in excess of $140,000 to various charities and scholarship students this year.

First Harvest is governed by a Board of Directors who volunteer their time to represent our members. In August we held our Annual Meeting, and our Board elected Loretta Winters our new chairperson.  In addition, Lisa Morina was elected as our Vice Chair, Michele Hewitt was elected our Treasurer, and Ronda Abbruzzese will continue as our Secretary.

On behalf of First Harvest’s entire Board of Directors and 150 financial professionals who are dedicated to serving you, we send you our heartfelt thanks for your membership and for trusting First Harvest with your hard-earned money.

Sincerely,

Ernest D. Huggard, CPA

President/CEO